Description

Serial Number A999999A to A000001B Unique Rollover Pair

New York, NY - $5 1929 Ty. 1 The Chase NB Ch. #
2370
We last offered this pair as part of the New England Changeover
collection, where we described it as follows: "This wonderful pair
comes to us from the New England Changeover collection. It was last
offered as part of the John Whitney Walter Collection where it was
described by Lyn Knight and Peter Huntoon as follows: 'If any pair
of small size nationals qualifies as the greatest, it has to be
this rollover pair of $5 notes issued by the Chase National Bank of
New York. The giant Chase National was the only bank in the country
to reach the "B"suffix on Type 1 notes in any sheet combination.
The serial numbers on these notes are sheet numbers; that is, every
note had the same serial number, just the prefix letter changed. In
order to issue this many, the bank had to issue 5,999,994 notes of
the same denomination, or in this case $5s worth $29,999,970. This
amount was more than the outstanding circulations for most states
during the small note era. Ultimately the bank issued 6,346,530
Type 1 $5s valued at$31,762,650. The highest serial issued was
F057756B. These were in addition to $10s and $20s. The fact that
the top note from both sheets was saved in choice condition is a
miracle of survival. The Bank of America National Trust and Savings
Association of San Francisco reached the "B" suffix on its Type 2
$5 issues, a feat that was six times easier because Type 2 notes
were numbered sequentially down the sheet. However the rollover
A999996-B000001 pair is not known to have been saved. In fact,
neither of these two notes is reported. Type 2 serials
A999997-A999999 were not printed because they consumed only half a
sheet. Consequently, obtaining a note from the Chase 999999 Type 1
sheet is the only way to obtain a solid 9s National Bank Note. This
pair is one of the greatest items in Nationals, and, once it is
gone, is utterly irreplaceable at any price. Choice Crisp
Uncirculated." Estimated there at $25,000-$50,000, it realized
$43,125. Both notes are now in a custom PMG holder, with the first
graded Choice Uncirculated 63 EPQ and the second Choice
Uncirculated 64. We see little reason why bidding for this
unique pair will not once again reach the level of...